Biohaven: Downgrade To Hold On Troriluzole Setback And Obesity Data 2nd Half 2026

Biohaven Ltd. is downgraded from Strong Buy to Hold following the FDA's Complete Response Letter for troriluzole in Spinocerebellar Ataxia. BHVN pivots focus to three late-stage programs: MODE/TRAP degraders [BHV-1400, BHV-1300], Kv7 activator Opakalim, and myostatin-activin inhibitor taldefgrobep alfa for obesity. Taldefgrobep alfa targets obesity with a novel MOA aiming for fat loss, muscle gain, and improved safety versus GLP-1s; phase 2 POC data is expected in 2H 2026.